Deficits

The rate of defined benefit (DB) scheme closure among FTSE 100 companies is gathering pace, according to research by JLT Employee Benefits.

Workers at EDF Energy have backed a deal negotiated by GMB and Unison which allows new entrants access to a defined benefit (DB) pension scheme.

Pension professionals believe the industry spends too much time dealing with problems that affect a small number of high earners, according to PP research.

Defined benefit pension schemes should be braced for a year of low funding ratios, weaker returns, and more volatility against an uncertain economic backdrop, according to BlackRock.

The saga continues

Trustees of the Brunel pension fund have agreed a recovery plan with the scheme's sponsor, which is being investigated by The Pensions Regulator (TPR) over concerns about a corporate restructuring.

The Smiths Group has cut contributions to the Smiths Industries Pension Scheme (SIPS) by 60% after a dramatic improvement in funding levels allowed trustees to de-risk its investments.

The total deficit of schemes in the Pension Protection Fund (PPF) 7800 index fell to £262.5bn at the end of October as both gilt yields and equity markets rose.

Debenhams has agreed to pay a total of £76m into its defined benefit (DB) schemes over the next eight years following the completion of the fund's triennial valuation in June.

FTSE350 defined benefit (DB) schemes paid out £13bn more than they received in contributions last year, raising the risk they could be forced to sell assets at depressed prices.